Choosing Your IRA Beneficiary PC1348-Print

RETIREMENT PLANNING

IRA BENEFICIARY

Choosing Your IRA Beneficiary

Whether you have a traditional or Roth IRA, you are advised to select primary and contingent beneficiaries who will inherit your account if you die before the account is depleted. You may choose your spouse, another family member, trust, a charitable organization, or some combination of the aforementioned options. Carefully selecting your beneficiary may help maximize your account for generations. This is why it is important to regularly review your beneficiaries each year.

BENEFICIARY OPTIONS

BENEFICIARY

FEATURES

KEY CONSIDERATIONS

Money is available for the surviving spouse. Can provide more tax-deferred growth by allowing spouse to roll over your tax-deferred account into his/her own IRA. Distribution can be paid over their life expectancy, so the account could continue to grow. Creates a more customized method for determining payout based on life expectancy of multiple beneficiaries, if applicable. You retain control of the funds even after you die because the trust operates under your written instructions. Provides you the option of naming an objective party, like a trust company, as trustee. Provides additional asset protection.

Your spouse has full control of the money after you die and is under no obligation to follow your wishes.

SPOUSE

These individuals attain full control of the funds and could alter your wishes for the money.

CHILDREN, GRANDCHILDREN, OR OTHER FAMILY

MEMBERS/ INDIVIDUALS

Your spouse will not be able to roll over the money to his/her IRA. There are additional income tax requirements to consider.

TRUSTS

Charity won’t pay income taxes. May reduce your family’s estate taxes.

CHARITABLE ORGANIZATIONS

Contact a Commerce Trust Advisor who can help you navigate these considerations and develop a strategy based on your needs. 1-855-295-7821 | commercetrustcompany.com

Wealth | Investments | Planning Commerce Trust Company

Commerce Trust Company is a division of Commerce Bank. PC1348

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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